Mike’s Real Estate Show

Updates in underwriting as of July 24, 2008 Industry wide General Loan guidelines of the Secondary market   ( some variance with specific Lenders)

1. With Foreclosures , reestablished credit history now 3 yrs  after event before a new loan given, FHA is still just 2 yrs with re-established credit however.
2. No 60 plus mortgage lates within the last 12 months
3. Authorized users of credit trade lines will no longer be considered in credit decisions. .  Can’t piggyback on someone’s good history. FICO now is “not using” card holders good scores for the authorized user  to improve their own scores
4. On interest only loans, borrowers have to be qualified on the full principal and interest payment
5. Min. credit scores 640 for 1 to 2 unit properties , 680for three to four units . . .620 if LTV less than 75% of property value .  If lower then its FHA loan time (read on as Pete as many, many more new underwriting alerts!!) Read the rest of this entry »

The tales of bank “runs” (no, it wasn’t something they ate!-maybe junk “bonds”) but the runs we remember from “It’s a Wonderful Life” when the word gets out a bank may be facing insolvency–folks come and get their money! This is what happened with IndyMacBank. One of the big boys (4th largest), solid as shale in a hillside!! Read the rest of this entry »

Other helpful traveling sites
for bargains and advice:

Airfare:
www.southwest.com
www.airfarewatchdog.com
www.webflyer.com

Cruises:
www.cruisecompete.com
www.cruisemate.com

Lodging:
www.biddingfortravel.com

Bed & Breakfast:
www.bedandbreakfast.com

Condo-Apartment Rentals:
www.homeaway.com

Quick Vacation Packages:
www.lastminute.com
www.luxurylink.com

Travel Insurance: www.travelguard.com

Airport Parking
www.airportdiscountparking.com

Amusement Parks
www.aaa.com
www.themeparkinsider.com

National Parks
www.us-parks.com

Check out these helpful websites for finding the best values in travel bargains!
Pressed for Time Traveler:
Airfares: www.kayak.com
Lodging: www.tripadvisor.com
Car Rental: www.orbitz.com

Best-Deal Traveler:
Airfares: www.farecast.com
Lodging: www.priceline.com
Car Rental: www.hotwire.com

International Traveler:
Airfares: www.lowestravel.com
Lodging: www.laterooms.com
Car Rental: www.autoeurope.com

Save Money at Amusement Parks
Vacation Tips for Family Theme Park Savings

Are you planning a trip to a theme park this summer?  If so, it’s possible to pay a bundle for tickets, lodging, and meals if you don’t plan ahead.  The good news is you can visit somewhere like Universal Studios, Disneyland, or Six Flags and have a good time without spending all your money.  Read the rest of this entry »

Prospect Mortgage , a “Direct Lender”
Loans to 412,000,  now 6.375% , 1 pt.

Rates went down a little with decrease ( a little) in oil prices  . . still overall inflation concerns with higher food prices however. A lot of uncertainty

Email    Peter.Phillippe@imb.com
Pete Phillippe : Cell 707-481-2737
On the Web: www.pphillippe@imbhomelending.com

Fax #:    866-610-5264  707-535-1263 direct
Subject:  30 day locks on rates shown for clients  as of date shown above

Up to $662,250  30 yr fixed is 6.375 at 1 pt  ,  5/1 program is 6.0 to $417,000% at 1 pt.
FHA 30yr fixed 6.5  1  pt  to $362,790  up to 97% LTV’s . FHA to $662,500 now 6.75 1pt

Fixed rates are where “it’s at” right now . . . .  How about a “buydown “ of the rate for a buyer?  Call me to see how it works for potential purchasers.  A different way to apply a closing cost credit from the seller and get more people qualified to “buy”.

Remember, I reimburse appraisal fees at closing for you and your radio show listeners!!

July indexes, 1 yr. Libor is 3.34, prime is 5.0 ,  1 yr constant maturity treasury 2.38
Indexes have moved up slightly each of the last three months , except the prime rate

APRs not calculated, full doc examples with 680 fico scores  . . .30 day locks shown on rates. Stated income, 40 yr terms, interest only loans, available  . . . Rates and points can change depending upon loan to value, credit scores and purpose of loan.  Information intended for the Real Estate community only, Equal Opportunity Lender, rates and programs subject to change

Affordable and Green - Sensitive Luxury Homes in the Heart of Healdsburg

 The new Foss Creek Villas condominiums are Located on the corner of Grove St. and Foss Creek Circle between “The Grove” and the “Park Point Health Club”. This newly renovated property is Healdsburg’s first condominium conversion and with 40 condominiums, is Healdsburg’s largest new condominium community.

Two years of extensive renovation and landscaping have artfully transformed this key 3 AC property of Grove into a tasteful, upscale asset to the city.  Vesna Breznikar, a Healdsburg artist and designer, chose the colors and fixtures that brighten and enhance both the Villas and the surrounding neighborhood. Roy Hurtt of Healdsburg did all the painting and trim. The rest of the work was predominantly completed by Healdsburg contractors and suppliers. Read the rest of this entry »

Peter’s new company! Prospect Mortgage , a “Direct Lender”

Loans to 412,000,  now 6.25% , 1 pt.

Fixed rates up a little over concern on  FNMA and FHLMC ‘s ability to buy new loans , higher inflation with gas and food  and weakness of dollar.
Consumer prices rose at highest pace in 20 yrs this last month, as per Feds.
Stated income loans now much harder to qualify for, thanks to Fed changes.

To:     Real estate community    Email    Peter.Phillippe@imb.com
From    Pete Phillippe    Phone:    Cell 707-481-2737
Web page     www.pphillippe@imbhomelending.com

Fax #:    866-610-5264    Phone:    707-535-1263 direct
Pages:         1    Date:     7/16/2008
Subject:       30 day locks on rates shown for clients  as of date shown above

Up to $662,250  30 yr fixed is 6.25 at 1 pt  ,  5/1 program  is 5.625 to $417,000% at 1 pt.
FHA 30yr  fixed 6.5 , 1  pt  to $362,790  up to 97% LTV’s . FHA to $662,500 now 6.5 1pt

Up to $662,250  30 yr  5/1 program 5.875 at 1 pt  . . .  lower rate than fixed , for 5 yrs then a 1 yr adjustable with 2% annual and 5% lifetime cap

Remember , I reimburse appraisal fees at closing for you and  your referrals

July indexes,  1 yr. Libor is 3.34 ,  prime is 5.0 ,  1 yr constant maturity treasury 2.38
Indexes have moved up slightly each of the last three months , except the prime rate

Aprs not calculated, full doc examples with 680 fico scores  . . .30 day locks shown on rates. Stated income, 40 yr terms, interest only loans, available  . . . Rates and points can change depending upon loan to value, credit scores and purpose of loan.  Information intended for the Real Estate community only, Equal Opportunity Lender, rates and programs subject to change.

1. We have a 5.9 months supply of homes.

2. Median has fallen 31% to $385,000 w/ DOM of 98 days.

3. 49% of the sales are NOT doing anything when they sell! They are NOT moving up, or buying anything as they are comprised of short-sales,REO’s or new homes builders dumping product.

4. REO’s make up only 15% of ALL “Active” listings but comprise 38% of ALL sales!

5. Remember, the median is indicative of “where the action” is in the market. To that end, 71% of ALL Sales are UNDER $500,000!

6. There is a 12.5 months supply of Short-Sales on the market.

7. There is a 2.4 months supply of REO’s. This qualifies as a raging Seller’s Market! Just ask Doug!

8. $1,000,000+ sales represent 6.5% of the market. Over $2Mil–57 months supply, represents only .05% of the market.

9. Note the amount of Continue to Shows of 873–not bad huh? But then look at the Short-Sales as a percentage of CTS–44%. We are bloated with these deals which NEVER close. They keep stacking up month to month.

10. Keep your eye on the “pendings” as they are indicative of market activity. Sales are UP by 50 over last year at this time.